Ferrero-Waldner together with the Joe Borg, the European Commissioner responsible for Fisheries and Maritime Affairs presented the European Commission arctic policy as developed by the EC.

The policy underscored that the work of Russian and American scientists confirm that some 25 percent of the worlds untapped oil reserves are in the Arctic, RosEnergy said.

“Of course, these resources for the most part are located in the economic zones of Russia and the United States, so it is all the more important today to develop single international norms for developing these resources and defending the environments,” said Ferrero-Waldner.

“Today, it is critically necessary to develop a dialog between all countries that wish to participate in developing Arctic resources,” Ferrero-Walder was quoted as saying by RosEnergy.